Greenlight Capital founder and president David Einhorn discussed investing in both Tesla (TSLA) - Get Report and General Motors (GM) - Get Report during an interview with Bloomberg TV on Friday.

Einhorn maintained that he is staying short Tesla. However, it is trickier now that he is faced with a wave of enthusiasm surrounding the stock.

He contended that Tesla is mis-priced by a significant amount, but acknowledges that he isn't sure when investors will shift their focus from Tesla's innovation to profitability.

Einhorn affirmed that his short position is sized to give it time to wait out the worry.

Last month, he contended that Tesla's stock reminded him of "the March 2000 dotcom bubble." Tesla shares closed down slightly at $339.85.

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On GM, Einhorn noted that it was difficult extracting shareholder returns from the conservative auto firm. Einhorn holds that GM's capital is misallocated and value needs to be unlocked. GM shares rose slightly to $34.45.

Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.

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Editor's Pick: Originally published June 2.